Title
An Ordinance of the City of Colorado Springs determining it is necessary to establish the Old Colorado City Downtown Development Authority and submitting a question of creating the Old Colorado City Downtown Development Authority, a question of establishing an ad valorem tax mill levy at a rate not to exceed five mills within the boundaries of said district, a question of exempting revenues collected for the Old Colorado City Downtown Development Authority from Article X, Section 20 of the Colorado Constitution, Section 7-90 of the Charter of the City of Colorado Springs, and statutory revenue limitations, and a question of authorizing the issuance of debt for the Old Colorado City Downtown Development Authority by the City of Colorado Springs at the election on November 5, 2024, and authorizing certain other actions concerning the election, determining organizational aspects of the Old Colorado City Downtown Development Authority Board, and providing other details related thereto.
Presenter:
Jamie Giellis, President, Centro Inc.
Body
Summary:
This ordinance is related to the creation and organization of a Downtown Development Authority (DDA) for Old Colorado City (OCC). Specifically, the ordinance would approve sending questions to the electors of the district, which include property owners, businesses owners, and residents registered to vote within the boundaries of the district.
The questions involve three main parts: whether or not the electors wish to create the DDA, would they vote to establish an ad valorem tax mill levy at a rate not to exceed five mills within the boundary of the district, and do the electors authorize the issuance of debt for the OCC DDA. All of these questions would be submitted to the electors of the district at an election on November 5, 2024.
The OCC DDA would be utilized to support investments in 6 categories within the DDA boundaries: Leadership and advocacy, safety and security, placemaking, investment and ...
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